Market Turmoil As Bearish Pressure Weighs on Steel
Rail stocks show strength weakly amid broad market decline. Grace denies new financing rumors for Bethlehem Steel as U. S. Steel hits a two year low. Traders cite stop orders and liquidations, with Read, New Haven, and other rails showing uneven moves. Steel shares dip then rally, but overall market nervousness persists as discounting expectations and potential financing weigh on prices.
MENTIONED IN THIS ARTICLE
Brertattn
Washington Post
Bodey
New Haven
Omarking
Bond market heavy trading with mixed gains and losses
A heavy bond trading day saw railroad issues fluctuating, with Norfolk and Western and Southern Railway bonds rising while City of Paris and Japanese issues weakened. Industrials stayed narrow in range as Interborough bonds hit lows. U S Steel funds rose slightly and traction bonds also moved. Foreign exchange and French measures weighed on markets amid global financial shifts.
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